【投资要点】 业绩表现：2024 年，公司实现营业收入7.5 亿元(yoy+10.54%)；实现归母净利润0.21 亿元(yoy- 63.68%)；扣非归母净利-0.06 亿元(yoy-114.13%)。 AQ-300 入院顺利带动设备收入增长，海外业务进展顺利。分业务来看，内窥镜设备实现营收7.14亿元 （yoy+14.72%）；诊疗耗材实现营收0.21亿元（yoy-50.63%）；内窥镜维修服务实现营收0.13 亿元 （yoy+3.31%）。 设备业务的增长主要系AQ-300 装机量稳步提升，2024 年中高端机型主机、镜体在三级医院装机（含中 标）量分别为137 台、522 根，装机（含中标）三级医院达 116 家。分地区来看，2024 年公司国内业务 实现营收5.87 亿（yoy+3.93%），海外业务实现营收1.61 亿元（yoy+42.70%），公司海外市场的产品准 入及市场推广顺利推进，海外品牌影响力持续提升带动海外收入快速增长，国内业务则受到招采活动减 少的影响增长有限。 短期盈利能力有所波动，长期竞争力有望进一步提升。2024 年公司销售毛利率为68.12% (yoy-5.66pct ）； ...

澳华内镜（ [Table_StockNameRptType] 688212） 公司点评 国内市场受行业影响增速放缓，海外市场增长亮眼 | [Table_Rank] | 投资评级：买入（维持） | | | --- | --- | --- | | 报告日期： | 2025-04-14 | | | [Table_BaseData] 收盘价（元） | | 41.50 | | 近 12 个月最高/最低（元） | 59.00/31.51 | | --- | --- | | 总股本（百万股） | 135 | | 流通股本（百万股） | 135 | | 流通股比例（%） | 100.00 | | 总市值（亿元） | 56 | | 流通市值（亿元） | 56 | [Table_CompanyReport] 相关报告 1.【华安医药】公司点评：澳华内镜 （688212）：收入短期承压，期待 2024Q4 改善 2024-10-29 2.【华安医药】公司点评：澳华内镜 （688212）：2024H1 业绩符合预期， 期待下半年招标恢复 2024-08-26 主要观点： [➢Table_Summary] 事件： 公司发布 2024 ...

Investment Rating - Investment Rating: Buy (Maintained) [1] Core Views - The company reported a total revenue of 750 million yuan in 2024, representing a year-on-year growth of 10.54%, while net profit decreased by 63.68% to 21.01 million yuan [4][6] - Domestic revenue faced pressure in 2024, with approximately 586 million yuan, a year-on-year increase of about 4%, while overseas revenue grew significantly by approximately 42.7% to 161 million yuan [6][10] - The company plans to increase revenue to 844 million yuan, 1.06 billion yuan, and 1.33 billion yuan in 2025, 2026, and 2027, respectively, with expected year-on-year growth rates of 12.5%, 25.7%, and 25.8% [10][12] Summary by Sections Financial Performance - In 2024, the company achieved total revenue of 750 million yuan, with a net profit of 21 million yuan and a basic earnings per share (EPS) of 0.16 yuan [4][5] - The company declared a cash dividend of 0.80 yuan per 10 shares, totaling 10.72 million yuan, which accounts for approximately 51% of net profit [4] Domestic and Overseas Market Analysis - Domestic revenue growth was constrained due to industry factors, while overseas markets showed strong growth [6] - The company’s domestic market is expected to recover as industry procurement resumes and inventory levels decrease [6] - The overseas revenue growth was driven by successful market entry and brand influence, with a gross margin of 58.15% in 2024 [6][10] Research and Development - The company increased R&D expenditure to 163.6 million yuan in 2024, accounting for 21.83% of total revenue, with significant advancements in product lines [7] - New product launches include electronic endoscopes and high-definition systems, enhancing diagnostic capabilities [7][9] Future Projections - Revenue projections for 2025-2027 are 844 million yuan, 1.06 billion yuan, and 1.33 billion yuan, with corresponding net profits of 54 million yuan, 96 million yuan, and 144 million yuan [10][12] - The expected EPS for 2025, 2026, and 2027 are approximately 0.40 yuan, 0.71 yuan, and 1.07 yuan, with P/E ratios of 102, 58, and 39, respectively [10][12]

根据市场公开信息及4月11日披露的机构调研信息，知名私募弘尚资产近期对2家上市公司进行了调研， 相关名单如下： 1）嘉益股份 （弘尚资产参与公司电话会议） 调研纪要：嘉益股份表示，当前公司生产经营情况一切正常，生产订单有序发货，近期国际市场的关税 政策变动未对公司经营情况造成重大不利影响。公司与客户保持紧密合作，对未来政策变动持续观望。 2025年越南生产基地将完成产能布局，覆盖比例将结合客户需求和市场拓展综合判断。越南生产基地爬 坡顺利，公司推进供应链本土化，具备全流程生产能力，符合原产地认证要求。当前阶段公司主要客户 尚未发生终端价格调整，资本支出计划稳健，分红总额持续增加。下游客户动销情况良好，海外无规模 较大保温杯供应商。相同产品在越南和中国的售价保持一致，越南原材料价格受当地汇率波动影响。二 厂产能方案尚在规划中，拟投资2,800万美元，具备全球建厂能力。保温杯市场景气度从北美向全球蔓 延，消费属性增强。 2）澳华内镜 （弘尚资产参与公司业绩说明会） 调研纪要：2024年，澳华内镜公司执行新会计准则，导致毛利率下降；境外收入占比增高，境外收入为 1.61亿，仍处于早期阶段。公司重视基层市场，消化科内 ...

根据市场公开信息及4月11日披露的机构调研信息，知名私募珠池资产近期对1家上市公司进行了调研， 相关名单如下： 以上内容为证券之星据公开信息整理，由智能算法生成（网信算备310104345710301240019号），不构成投资建议。 1）澳华内镜 （珠池资产参与公司业绩说明会） 调研纪要：2024年，澳华内镜公司执行新会计准则，导致毛利率下降；境外收入占比增高，境外收入为 1.61亿，仍处于早期阶段。公司重视基层市场，消化科内镜检查渗透率逐步提高。产品研发以临床需求 为导向，研发流程包括项目立项、样机开发、注册检验和上市申请。软镜行业外资企业市场占有率高， 公司加大研发投入，产品性能提升，临床认可度提高。境外业务初期，中低价格带产品占比较大，毛利 率偏低。公司布局多个临床科室的内镜产品，拓宽产品适用范围。 机构简介： 上海珠池资产管理有限公司成立于2014年9月17日，注册资本1000万元。以管理对冲基金，提供投顾服 务为主要业务，投资范围包括管理固定收益、权益、另类资产等，公司以资产配置精选和量化等为核心 投资策略，为投资者提供全面的资产配置服务。公司核心团队成员平均从业年限超过10年，在宏观经济 研究、 ...

Group 1: Keda Li - Keda Li focuses on core transmission systems for robots and aims to be a technology leader in key components for global robotics [1] - The company has developed a complete technology system from material research to intelligent manufacturing, including high-precision reducers and smart joint modules [1] - Keda Li provides financial and technical support to its partner, Kemei Innovation, which has made breakthroughs in humanoid robot core joint drive technology [1] Group 2: Aohua Endoscopy - Aohua Endoscopy will implement new accounting standards in 2024, leading to a decrease in gross margin [2] - The company reported overseas revenue of 161 million, indicating a growing focus on international markets [2] - Aohua Endoscopy is increasing R&D investment to enhance product performance and clinical recognition, particularly in the soft endoscope sector [2] Group 3: XJ Electric - XJ Electric achieved operating revenue of 17.089 billion and net profit of 1.117 billion in 2024, marking a year-on-year growth of 11.09% [3] - The company is optimizing its revenue structure, with a decline in low-margin new energy and system integration segments, while high-margin DC transmission revenue is increasing [3] - XJ Electric is expanding its international market presence, particularly in South America, the Middle East, Southeast Asia, Africa, and Europe, in line with the Belt and Road Initiative [3]

根据市场公开信息及4月11日披露的机构调研信息，知名私募正圆投资近期对2家上市公司进行了调研， 相关名单如下： 1）澳华内镜 （深圳正圆投资有限公司参与公司业绩说明会） 调研纪要：中微半导体2024年毛利率大幅提升，主要因23年主动降价去库存、24年晶圆成本下降及新产 品迭代。收入结构方面，消费电子占39%，小家电占37%，工业控制占21%，汽车电子占3%。各领域毛 利率分别为消费电子18%、小家电36%、大家电和工业控制39%、汽车电子52%。MCU产品中8位机和 32位机出货量比为10:1，销售金额比为2:1。2024年晶圆采购超10万片，主要来自华虹集团和新加坡 GF。成熟制程产能充沛，晶圆采购价格趋于稳定。管理层期望2025年营收增长保持或超过2024年增 速，特别看好汽车电子领域的发展。中美对等关税影响中低端市场出口，但加速中高端市场国产替代。 国内MCU市场竞争激烈，公司策略是稳步走入中高端市场。研发中心建成，品牌提升，吸引更多优秀 人才加入。经营性现金流大幅改善，因营收增长、晶圆采购支出减少及应收账款风险控制。公司专注 MCU设计多年，积累深厚，拥有独特IP和技术优势。 机构简介： 深圳正圆投资 ...

Investment Rating - Industry investment rating: Outperform the market (expected to outperform the CSI 300 index by more than 5% in the next 6 months) [26] Core Insights - The medical device sector is experiencing a significant recovery in bidding activities, with a notable increase in procurement scale and project implementation since 2025. The demand that was previously suppressed is now being released, leading to a faster pace of project rollouts and bidding processes [3][4] - The procurement scale for new medical devices in December 2024 reached 27.7 billion yuan, a year-on-year increase of 60%. In January, February, and March 2025, the procurement scales were 17.36 billion yuan, 11.26 billion yuan, and 13.69 billion yuan, reflecting year-on-year increases of 41%, 77%, and 108% respectively [3][4][12] - Leading companies in the medical device sector are benefiting significantly from the recovery in bidding activities, with major players showing substantial year-on-year growth in procurement amounts [4][20] Summary by Sections Medical Device Update and Bidding Recovery - Medical device updates are intensively advancing, with significant bidding recovery observed. The projects are entering the implementation phase, and many provinces are starting to conduct centralized procurement [3][11] - The bidding scale for new medical devices has shown a marked improvement, with March 2025's bidding scale nearly returning to the levels seen in March 2023 [3][11] Procurement Scale and Growth Rates - In March 2025, the procurement scale for ultrasound reached 1.548 billion yuan (yoy +145%), CT at 2.037 billion yuan (yoy +140%), MRI at 3.520 billion yuan (yoy +138%), DR at 211 million yuan (yoy +124%), DSA at 650 million yuan (yoy +107%), and gastrointestinal endoscopes at 495 million yuan (yoy +142%) [4][12][16] Investment Recommendations - The report suggests focusing on leading companies that are enhancing their high-end and intelligent medical device layouts, such as Mindray Medical, United Imaging, KaiLi Medical, and Aohua Endoscopy. The 2025 government work report indicates increased funding support for key areas of equipment updates, which is expected to positively impact industry bidding growth [5][24]

证券研究报告 | 年报点评报告 gszqdatemark 2025 04 12 年 月 日 澳华内镜（688212.SH） 海外市场表现亮眼，AQ300 带动高端客户群突破 澳华内镜发布 2024 年年度报告。2024 年实现营业收入 7.50 亿元，同比 增长 10.54%；归母净利润 2101 万元，同比下滑 63.68%；扣非后归母净 利润-629 万元，同比下滑 114.13%。分季度看，2024Q4 实现营业收入 2.49 亿元，同比下滑 0.20%；归母净利润-1629 万元，同比下滑 228.60%； 扣非后归母净利润-2110 万元，同比下滑 392.07%。 观点：海外市场表现靓丽，国内市场受招采活动减少影响短期承压。利润 端表现不及收入端，主要系毛利率下降与期间费用率增加影响。AQ-300 在三级医院装机表现不错，内窥镜设备稳健增长。高度重视研发创新，多 款新产品上市完善产品矩阵，巩固市场竞争力。 海外市场引领增长，国内市场短期承压，利润端表现不及收入端，主要系 毛利率下降与期间费用率增长影响。2024 年公司海外市场收入 1.61 亿元 （同比+42.70%），带动整体业务收入增长；国内 ...

近期澳华内镜(688212)发布2024年年报，证券之星财报模型分析如下： 营收与利润 资产与负债 货币资金为2.67亿元，同比增加了9.26%。有息负债为1.06亿元，同比增加了1183.32%。公司通过银行 借款筹借资金，筹资活动产生的现金流量净额变动幅度为1130.11%。这反映了公司在扩张过程中对资 金的需求增加。 业务构成 2024年，澳华内镜(688212)实现营业总收入7.5亿元，同比上升10.54%。然而，归母净利润仅为2101.22 万元，同比下降63.68%；扣非净利润为-628.62万元，同比下降114.13%。从单季度数据来看，第四季度 营业总收入为2.49亿元，同比下降0.2%，归母净利润为-1629.08万元，同比下降228.6%，扣非净利润 为-2109.91万元，同比下降285.13%。 毛利率与净利率 公司的毛利率为68.12%，同比减少了2.31个百分点。净利率为2.71%，同比减少了69.75个百分点。这表 明尽管公司在销售收入方面有所增长，但盈利能力显著下降。 成本与费用 公司的销售费用、管理费用、财务费用总计为3.59亿元，三费占营收比为47.87%，同比增加了10. ...